Rising Demand For Security Technologies to Propel Cyber Security Market In India—Credit Goes To Demonetization

Posted on: Feb-2017 | By: 9 Dimen | Technology

One of the biggest moves so far in the India has to be the demonetization revolution brought the government, which has pushed India toward digitalization. This has completely evolved the way governments and businesses are functioning in India. However, it has also opened opportunities for cyber attacks as most of the processes are shifted to online versions among the enterprises in the country.

Apart from this, the lack of comprehending the consequences of hacking to the firm’s reputation among the majority of Indians further fuels the problem. As per the several studies, the number of cyber crimes registered among the enterprises had increased up to 300% during 2011–2015.

Thus, to cope with the cyber attacks issue, a huge digit of startups has turned toward the cyber security market in India. Almost 80 cyber security startups have been developed by the Data Security Council of India in the last 2 years.

The need for austere regulations to direct the security of several industries will serve as a major factor for the growth of the market. Thus, it is becoming compulsory for the organizations to establish regulations to prevent penalization further aiding in the acceptance of cyber security solutions, including login passwords, anti-virus software, encryption, IDS/IPS, and firewalls.

The Founder of Kratikal tech—a startup in security testing—Pavan Kushwaha, said, “The government is implementing digital services that are becoming the highlight for cyberpunks. India had experienced almost 3.2 million debit cards being hacked during the year 2016 in India as the bank systems depend on outdated security and software solutions.”

The high setting up cost of cyber security solutions is expected to prevent the growth of the market in the coming period. The employment cost of the cyber security solutions includes the cost of system customization & designing, training, implementation, software licensing, up-gradation, and maintenance thus raising the total cost needed by an organization for establishing it.